Not much is happening with the stock, at least in terms of news. But some big news is coming up. Yesterday, the company informed the Bombay Stock Exchange that its board of directors will meet on Jan. 11 to consider its financial results for the third quarter.

Some analysts are warning investors to prepare for the worst. On Monday, Susquehanna’s James Friedman pointed out that Infosys has missed consensus numbers during the past few years. He also notes that downward revisions to the numbers usually occur in the second half–as in right now. Analysts have been lowering forecasts recently, too, Friedman says.

What’s going on? Friedman writes:

We believe INFY is altering its market position, trying to boost its Consulting and Product/Platform based businesses. Though potentially a good thing longer term, this transition is creating dislocation in its traditional outsourcing business.

As a result, he lowered his price target to $38 on Monday, down from $45. Someone, however, clearly disagrees and is buying up shares near $41.60.

We’ll find out the winner as we get closer to Jan. 11.

UPDATE: Of course, soon after I wrote this post, Infosys did break $41.60–and traded as low as $41.50–before bouncing back to close at $41.70, down 1% on the day.

About Emerging Markets Daily

Emerging markets have been synonymous with growth, but the outlook for individual nations is constantly changing. Countries from Brazil and Russia to Turkey face challenges including infrastructure bottlenecks, credit issues and political shifts. The Barrons.com Emerging Markets Daily blog analyzes news, data and research out of emerging markets beyond Asia to help readers navigate the investment landscape.

Barron’s veteran Dimitra DeFotis has been blogging about emerging market investing since traveling to India and Turkey. Based in New York, she previously wrote for Barron’s about U.S. equity investing, including cover stories and roundtables on energy themes. Dimitra was among the first digital journalists at the Chicago Tribune and started her career as a police reporter at the Daily Herald in the Chicago suburbs. Dimitra holds degrees from the University of Illinois and Columbia University, where she was a Knight-Bagehot Fellow in the business and journalism schools.